Carlo Ancelotti has said he can see himself coaching Real Madrid in the future - but the Paris Saint-Germain boss described rumours of a potential job swap with Real's Jose Mourinho as "a fantasy".
Ancelotti's position at the Parc des Princes has come under increased scrutiny, with his squad, assembled at a cost of some €250 million, picking up only four points from their last five Ligue 1 games to slip from the top of the table.
Reports have claimed former Barcelona coach Pep Guardiola and Mourinho have been sounded out by PSG's Qatari owners with a view to succeeding the former Chelsea boss.
An exchange of jobs between Mourinho and Ancelotti has been mooted in some quarters, but the Italian was quick to dismiss that suggestion.
"I can see myself at Madrid one day, because they're a club with an incredible history," he told Italian TV channel Sky Sport 24.
"I've already been in contact with Madrid, just before I joined Chelsea. But now, I'm only thinking about Paris. To imagine an exchange between myself and Mourinho is a fantasy."
But he added: "If, one day, Mourinho takes over at PSG, it would be a positive thing. To have a coach of that significance would be a sign of progress for a young and ambitious club like ours."
On Thursday, an ESPN source said Mourinho was "75% likely" to leave Real at the end of the season.
Earlier this week, the coach had refused to elaborate on his future, prompting speculation that he could return to the Premier League or move elsewhere in Europe.
But he denied reports that his relationship with Madrid president Florentino Perez had deteriorated, adding: "My relationship with him is good and I've already said that. I'm not going to feed this situation."
Meanwhile, PSG have been linked with January transfer moves for Manchester United's Patrice Evra and Napoli midfielder Marek Hamsik, with Le Parisien reporting that left-back Evra's ability to speak French, Italian and English would be useful in uniting PSG's cosmopolitan dressing room.
Hamsik, under contract in Naples until 2015, is admired by Ancelotti for his ability to score and make goals, and is thought likely to cost between € 25 and 30 million.